This way, you can learn the ropes before tackling a larger property.Also, when investing out-of-state, make sure you establish your Core 4 Real Estate team.

Quote from @Chris Mason: They have simulators for heavy equipment operators: bulldozer, backhoe, etc.

For the experienced cohosts in the group, I’d love to get your thoughts on payment processing options for cohosting companies (LLCs) that position themselves as property management companies but operate without a broker’s license.As an investor and soon-to-be STR entrepreneur, my business will initially focus on managing a small portfolio of vacation rentals with plans to scale. 

Some grow too fast and discover they've built a full-time job for themselves.Growth can also include improving cash flow, increasing property value, or optimizing operations.

Also, in general, I wouldn't solely rely on a single source, rather: 1) collect feedback from various sources, 2) decide which components are the most critical for you personally, 3) weigh in on the pros and cons, 4) speak with all of the operators to add to the list of pros and cons, 5) and only then make an informed decision. 

Your LLC name can be meaningless, but then you can operate under a commercial name.  

You must keep the tenants security deposit at a bank that physically operates a branch office in the State of NC.  

Do you have the professionals you need to start an LLC, do the proper real estate/tax accounting, solid contractors to rehab or prepare the property, and a property manager to handle the day-to-day operations? 

Many of these markets are very well represented by sellers & turnkey operators here on BiggerPockets.

Detroit is appreciating rapidly, due to many factors, and it still cash flows or at least allows you to operate near break even.